HON vs SPYV: Correlation
Measured on weekly returns over the past three years, Honeywell Technologies (HON) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HON and SPYV?
On 3 years of weekly data the HON/SPYV correlation comes out at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.55). The 5-year figure is 0.62, and annualized covariance runs at 155.5 %².
By 3-year correlation, SPYV places #6 of the 32 assets tracked against HON. The last year tells two different stories: SPYV led by 15.8 percentage points, +2.7% for HON against +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.74. Note the risk asymmetry: HON runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HON vs SPYV: side by side
| HON (Honeywell Technologies) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +2.7% | +18.5% |
| 5-year return | +6.6% | +73.5% |
| Volatility (ann.) | 23.2% | 12.1% |
| Beta vs S&P 500 | 0.74 | 0.70 |
| Max drawdown (3Y) | -22.1% | -17.5% |
| Market cap | $69.9B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 4.26% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Industrials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | HON | SPYV |
|---|---|---|
| 2022 | +4.9% | -5.3% |
| 2023 | +0.0% | +22.2% |
| 2024 | +10.0% | +12.2% |
| 2025 | -6.4% | +13.2% |
| 2026 | +9.2% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.23% of SPYV is HON itself, so the fund partly moves with the stock by construction.
Are HON and SPYV good diversifiers for each other?
Only partially. A correlation of 0.55 means HON and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HON and SPYV?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.41 over the last year and 0.62 over 5 years.
Is SPYV a good diversifier for HON?
Only partially. A correlation of 0.55 means HON and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hon-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hon-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HON correlations · SPYV correlations
